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Seoul poised with market stabilization moves on British vote results

[THE INVESTOR] The South Korean government said on June 24 it will jump in with market stabilizing measures, should the foreign exchange market becomes volatile due to the results of the British referendum.

“If the foreign exchange market shows excessive volatility, the government will take swift measures to stabilize the market,” Vice Finance Minister Choi Sang-mok told an emergency meeting with officials of the financial authorities and the central bank. “The government will keep close tabs on the market until the official vote results are released later today.”

Vice Finance Minister Choi Sang-mok holds an emergency meeting on the results of the British referendum. Lee Sang-sub/The Investor
Vice Finance Minister Choi Sang-mok holds an emergency meeting on the results of the British referendum. Lee Sang-sub/The Investor

Choi added that, “As South Korea has low exposure to Britain in terms of trade, an exit would have limited impact on the South Korean economy.“

Global financial markets had been thrown into uncertainty on concerns about the outcome of the British vote on whether to stay with the European Union.

South Korean stocks started barely in the positive on June 24 as investor sentiment was boosted by the initial polls.

(theinvestor@heraldcorp.com)
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